SBBT

Will SBBT be doing the DD this year?
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    If you choose to pay your TurboTax fees from your refund it goes through the University National Bank of Saint Paul, MN (it is part of the SBBT group). See the following for more information on the Refund Transfer
    http://turbotax.intuit.com/support/iq/Tax-Refund/Using-Refund-Transfer-or-Refund-Processing-Services-to-Pay-TurboTax-Fees/GEN12098.html
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      The fact remains, whether it was SBBT in previous years, or University Bank this year, if a taxpayer chooses to use the "let the bank take the TurboTax fees out of my refund" it is costing them $30 for a short- term loan.

      For example, if their refund is $1,000.
      The IRS would get it to them within 2 weeks of their submitting their eFile in all likelihood and possibly sooner.
      So we are talking a 2 week loan  ]1/26 of a year].

      $30/$1,000 = 0.03 * 26 weeks =  That is 78% SIMPLE INTEREST ANNUALIZED
      A Mafioso would be proud!
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        Both H&R Block and Turbotax offer the opportunity, at outrageous cost, for a tax filer to use a selected bank who pays the fee for use of the product. I think each company, H&R and TurboTax, or the respective bank, charge $30.


        As said, it is an outrageous cost and you can avoid it simply by buying at a convenience store or CVS or Walgrens a prepaid debit card and using that to pay for TurboTax. The result is that instead of costing you $30 it only costs you $2 or $3

        Oh, and by the way, using the bank to pay your fee may well delay your refund by the extra time involved in having the bank accept the agreement to pay and then pay your fee.
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          Time out. Just in case there is a misunderstanding here, University Bank is NOT involved just because you request direct deposit. They ONLY become involved when you request to have TurboTax fees paid from your refund. Paying your TurboTax fees by credit card when you file avoids University Bank and the $29.95 refund transfer fee, allowing your direct deposit transaction to got directly from the IRS to your personal bank account.
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